Griffin Asset Management Inc. Buys Shares of 13,539 Archer Aviation Inc. $ACHR

Griffin Asset Management Inc. bought a new stake in Archer Aviation Inc. (NYSE:ACHR) during the 2nd quarter, Holdings Channel reports. The fund bought 13,539 shares of the company’s stock, valued at approximately $147,000.

A number of other hedge funds have also modified their holdings of ACHR. GAMMA Investing LLC raised its position in shares of Archer Aviation by 3,582.6% in the 1st quarter. GAMMA Investing LLC now owns 6,555 shares of the company’s stock valued at $470,000 after acquiring an additional 6,377 shares during the period. Rhumbline Advisers raised its holdings in Archer Aviation by 38.0% in the first quarter. Rhumbline Advisers now owns 430,920 shares of the company’s stock worth $3,064,000 after purchasing an additional 118,598 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in Archer Aviation in the first quarter worth $176,000. Janney Montgomery Scott LLC raised its holdings in Archer Aviation by 64.2% in the first quarter. Janney Montgomery Scott LLC now owns 81,681 shares of the company’s stock worth $581,000 after purchasing an additional 31,933 shares during the period. Finally, ORG Partners LLC acquired a new stake in Archer Aviation during the 1st quarter worth $32,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Stock Up 6.3%

Shares of Archer Aviation stock opened at $12.73 on Tuesday. The business’s 50 day simple moving average is $9.78 and its 200 day simple moving average is $9.71. Archer Aviation Inc. has a 52-week low of $2.98 and a 52-week high of $13.92. The firm has a market cap of $8.21 billion, a PE ratio of -9.43 and a beta of 3.06. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.12). On average, analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ACHR. UBS Group reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Canaccord Genuity Group restated a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. JPMorgan Chase & Co. raised their target price on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Finally, Needham & Company LLC restated a “buy” rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $13.43.

Insider Buying and Selling at Archer Aviation

In other news, insider Tosha Perkins sold 42,775 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the sale, the insider directly owned 295,337 shares in the company, valued at $2,903,162.71. This trade represents a 12.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Priya Gupta sold 10,224 shares of Archer Aviation stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the sale, the chief financial officer owned 147,153 shares in the company, valued at $1,446,513.99. The trade was a 6.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 188,068 shares of company stock valued at $1,848,708 over the last ninety days. 7.65% of the stock is currently owned by company insiders.

Archer Aviation Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.